Neo Financial

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Neo Financial
Company typePrivate
IndustryFinancial services, financial technology [1]
Founded2019 [1]
FounderAndrew Chau; Jeff Adamson; Kris Read; Chris Simair [1]
HeadquartersCalgary, Alberta, Canada [2]
Area served
Canada [3]
Key people
Andrew Chau (chief executive officer); Jeff Adamson (chief commercial officer); Chris Simair (president); Kris Read (head of engineering)
ProductsCredit cards; savings and cash accounts; investing; mortgages; merchant loyalty and rewards programs [4]
Number of employees
700+ [5]  (2023)
Website www.neofinancial.com

Neo Financial is a Canadian financial technology company headquartered in Calgary. Neo develops consumer banking products in partnership with regulated financial institutions and provides co-branded credit and loyalty programs to Canadian retailers. [2] [3]

Contents

History

Neo Financial was founded in 2019 by former SkipTheDishes executives Andrew Chau, Jeff Adamson, Kris Read, and Chris Simair [1]

In January 2021 Neo launched a savings account program using Concentra Bank as its deposit-holding partner, ensuring coverage through the Canada Deposit Insurance Corporation (CDIC). [6] In 2024 Neo transitioned to Peoples Bank of Canada as its partner for new and existing everyday accounts. [7]

In 2022, the company expanded in Calgary with new offices in the Edison tower and the Hudson’s Bay building. [2] Neo maintains a secondary headquarters in Winnipeg, supported by a provincial expansion grant. [8]

Products and services

Neo offers credit cards, savings and cash accounts, and investment products delivered through its mobile app and website. [4]

Credit cards and partnerships

Neo issues consumer credit cards and co-branded programs. In 2021 it partnered with Hudson’s Bay to launch a new Hudson’s Bay Mastercard. [9] After Hudson’s Bay entered liquidation in 2025, cardholders were notified that accounts would transition to a Neo-branded card. [10] [11]

In 2023 Tim Hortons introduced the no-annual-fee Tims Mastercard, developed through Neo’s embedded banking platform and issued by ATB Financial. [12]

Savings and investing

Neo’s deposit accounts are backed by partner banks with CDIC insurance. [6] [7] Its investing product, Neo Invest, was launched with embedded wealth services provider OneVest in 2022. [4]

Funding

Neo has raised multiple venture rounds. In May 2022 the company announced a 145 million dollar Series C led by Valar Ventures, which valued the firm above one billion Canadian dollars and coincided with surpassing one million customers. [3]

In November 2024 Neo raised 360 million Canadian dollars in a Series D round composed of equity and debt financing, with participation from existing investors and notable angels. [13] [14]

Reception

Neo has faced some negative public reception as customer complaints have been widely documented. The Better Business Bureau assigns Neo Financial an F rating and notes that the company is not accredited; the profile cites unresolved service complaints and delays in issue resolution. [15] Similar concerns appear in financial discussion forums, where users have described fraud-related disputes and dissatisfaction with dispute resolution processes. [16]

There have been other concerns raised regarding regulation and ownership. Neo operates as a financial technology company using partner banks rather than as a licensed bank, raising questions about consumer protection compared to traditional deposit-taking institutions. [17]

In 2024 Neo’s Series D financing attracted scrutiny because it included investment from Tencent, a Chinese technology conglomerate that appears on a United States Department of Defense list of companies with alleged military ties. Canadian outlets reported that this raised national-security questions in the context of pending Retail Payments Activities Act oversight. [18]

Industry recognition

Neo Financial has received recognition for its expansion and technological innovation. In 2023, it ranked first in Deloitte’s Technology Fast 50 Companies-to-Watch category, having a revenue growth of 81,732 percent between 2020 and 2022, while expanding its team from roughly 120 to over 700 employees. [5]

In the following year, Neo was ranked first on the main Technology Fast 50 ranking, achieving a three-year revenue growth of 154,022 percent. [19] [20]

Regulation

Neo operates as a fintech firm while relying on partner banks for regulated services. It has been registered as a money services business with the Financial Transactions and Reports Analysis Centre of Canada since November 8, 2022. [21]

See also

References

  1. 1 2 3 4 Simpson, Meagan (23 September 2020). "SkipTheDishes co-founders look to shake up banking as Neo Financial hits the market". BetaKit. Retrieved 28 August 2025.
  2. 1 2 3 Alcaraz, Charlize (12 January 2022). "Neo Financial to bolster presence in Calgary with 113,000 square feet of new office space". BetaKit. Retrieved 28 August 2025.
  3. 1 2 3 Azevedo, Mary Ann (5 May 2022). "Canada's Neo Financial closes on 145 million dollar Series C, surpasses 1 million customers". TechCrunch. Retrieved 28 August 2025.
  4. 1 2 3 Simpson, Meagan (14 April 2022). "With new investment product, is Neo Financial's biggest competition now Wealthsimple and Questrade or the big banks". BetaKit. Retrieved 28 August 2025.
  5. 1 2 "Neo Financial Ranks First in Deloitte's 2023 Technology Fast 50 Companies-to-Watch". Business Wire. 8 November 2023. Retrieved 29 August 2025.
  6. 1 2 "Neo Financial teams up with Concentra Bank to offer CDIC-eligible savings". Associated Press via Business Wire. 13 January 2021. Retrieved 28 August 2025.
  7. 1 2 "Introducing the Neo Everyday account". Neo Financial Help Centre. 27 June 2024. Retrieved 28 August 2025.
  8. ↑ Simpson, Meagan (2 November 2021). "Manitoba grants Neo Financial 1.6 million dollars to expand Winnipeg workforce". BetaKit. Retrieved 28 August 2025.
  9. ↑ "Hudson's Bay teams up with Neo Financial to offer new Hudson's Bay Mastercard". CityNews Kitchener. The Canadian Press. 9 February 2021. Retrieved 28 August 2025.
  10. ↑ "Hudson's Bay Mastercard is changing to the Neo Mastercard". Neo Financial Help Centre. 20 August 2025. Retrieved 29 August 2025.
  11. ↑ "Canada's oldest company to liquidate all but six stores starting Monday". Associated Press. 22 March 2025. Retrieved 28 August 2025.
  12. ↑ "Coffee lovers rejoice, Tim Hortons now has its own credit card". Forbes Advisor Canada. 24 July 2023. Retrieved 28 August 2025.
  13. ↑ Pathe, Tyler (13 November 2024). "Canadian fintech Neo Financial raises 258 million dollars in mix of equity and debt funding". FinTech Futures. Retrieved 28 August 2025.
  14. ↑ Scott, Josh (13 November 2024). "Neo Financial takes aim at Canadian banks with 360 million dollar Series D". BetaKit. Retrieved 28 August 2025.
  15. ↑ "Neo Financial". Better Business Bureau. Retrieved 29 August 2025.
  16. ↑ "I was stolen 2.9k thanks to Neo Financial's unsured system design and they don't care". High Interest Savings. 17 March 2025. Retrieved 29 August 2025.
  17. ↑ Dall, Robert (20 March 2025). "Neo Financial isn't a bank". Robert Dall. Retrieved 29 August 2025.
  18. ↑ "Neo Financial faces scrutiny over Tencent investment". Decoder. 15 November 2024. Retrieved 29 August 2025.
  19. ↑ "Neo Financial Secures Top Spot on Deloitte's Technology Fast 50's Program for 2024". Business Wire. 6 November 2024. Retrieved 29 August 2025.
  20. ↑ "Neo Financial snags top spot on Deloitte's 2024 Technology Fast 50". BetaKit. 6 November 2024. Retrieved 29 August 2025.
  21. ↑ "Neo Financial Technologies Inc. (Registration # M22733289) is a money services business registered with FINTRAC; initial registration date 8 November 2022". OpenGovCA – Canadian Money Services Business Registry. Retrieved 29 August 2025.
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